Loosening the reins will typically mean, at least as I interpret it, lessening or lowering underwriting standards. In an individual's case, you're right, someone might be able to get a little bit bigger house or stay in a house that interest rates have made more difficult to afford, but over time we would be building credit risk in the system that would ultimately, in our judgment, metastasize into a broader financial stress event that would be costly to Canada in the long run.
On June 11th, 2024. See this statement in context.